Wave-(iv) has been satisfied with a 3-wave choppy range since 9/18. The rally to new highs is being met with typical momentum divergence that is seen between waves-3 & 5; this impulse to 109.75 could mark wave-(v) of 3 and lead to another corrective range. S/t, the next important support is 108.26 where old pivots and an uptrend line align. Resistance is 109.75 and 109.96 (the oft mentioned measured move target). Sentiment, along with momentum and the developing failure above 109.46 is supportive of another consolidation in price over the coming week. Conviction: Med Levels: Support – 109.00, 108.90, 108.26 Resistance – 109.46, 109.96
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